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The thought of home improvement after bankruptcy can be intimidating, but with a home improvement loan, you can spruce up your house and improve your financial security at the same time. Here’s a look at the basics on how you can find and secure financing to help with your home improvement project.

Home Improvement Loan Basics

Home improvement project loans are typically unsecured loans, meaning they are based on your creditworthiness rather than collateral – unlike many other loan types. Because of its unsecured nature, a home improvement loan is usually available with a competitive interest rate, and with loan amounts up to several thousand dollars.

Getting a Home Improvement Loan After Bankruptcy

The process for finding a home improvement loan will vary depending on the loan type. But even after bankruptcy, you’re likely to be offered an array of loan products from which to choose.

If you’re using a standard bank loan, you’ll need to provide financial information such as tax returns, bank statements and proof of repairs or materials needed to complete the project. Other lenders may require that you prove your ability to pay back the loan through pay stubs, other income proof and other financial documents.

Lenders may also review your credit score in considering your loan application. If the bankruptcy on your credit report is recent, you may have trouble getting a loan, as lenders may consider you to be a risk. But if you’ve built up a solid credit history since filing for bankruptcy, this may increase your chances of getting a loan.

Getting the Best Deal

Regardless of if you have recently gone through bankruptcy, it pays to shop around for the best loan terms and interest rate. Each lender will have different loan packages with different terms, conditions, and interest rates, so it's advisable to compare deals from multiple lenders before making a commitment.

In addition, when it comes to home improvement loans, it is also important to research the potential financial benefits. For instance, certain home improvements such as energy-efficient upgrades may qualify for tax credits. If you’re considering taking out a loan for such a project, understanding the potential tax benefits can help you make a sound financial decision.

Completing Home Improvements After Bankruptcy

Your home is likely one of the most significant financial investments you’ve made. With the right financing in place, a home improvement loan can be a wise way to both bolster the value of your home and increase your financial standing.

Ultimately, if you’re considering financing a home improvement project after bankruptcy, take time to research loan products and find one that works best for you, your credit score and your financial goals.

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